Why is Facebook planning to pay content creators?

Facebook is introducing a programme to pay $1 billion to content creators, as an incentive to get them to use the platform to create and post original content.

On Wednesday, 14 July 2021, Mark Zuckerberg, the Chief Executive Officer (CEO) at Facebook, announced that the company would be setting up a programme to pay $1 billion to creators until the end of 2022. According to Zuckerberg, the new initiative is part of an effort to draw influencers onto its platforms. The $1 billion will reportedly be allocated among a diverse group of influencers, as an incentive for them to use the social media platform to create and post original content online.

The incentive will reportedly work by allowing influencers to earn money through using specific Facebook and Instagram features, and by achieving certain milestones. One of the features that influencers will be encouraged to make use of is the livestream feature on both platforms.

Furthermore, Facebook’s new programme will reportedly work by invitation-only. According to the company, eligible creators will be able to see alerts that encourage them to join the programme. Facebook reportedly said the company’s plan is to create a formulised programme that would track creators’ bonuses on Instagram and Facebook.

Moreover, this is reportedly not the first time that Facebook has paid content creators in exchange for using its products. The company previously paid TikTok influencers and YouTubers to use Instagram’s features, such as Instagram TV (IGTV) and Reels. In addition to this, Facebook pledged to invest $10 million over the next two years in the Black gaming community.

Lastly, Facebook will not be the only social media platform to pay content creators. Throughout 2020, there was a race among emerging tech companies seeking to reportedly entice online content creators who can generate huge engagement for the platforms. Companies are reportedly exploring ways to bring and maintain young fans to their platforms. TikTok and YouTube are cited as companies that have cultivated meaningful relationships with creators, by reportedly building features that best serve their needs.